How Does Corporate Governance Affect Firm Performance? The Mediating Role of Agency Costs

Abstract

本文嘗試納入代理成本之中介效果，以LISREL方法分析公司治理對企業績效的影響。本文先驗證「公司治理對績效」與「公司治理對代理成本」的直接影響關係，結果顯示公司治理與企業績效呈正相闕，而公司治理則與代理成本呈負相關，與預期相符。在納入代理成本為中介變數後，公司治理能有效控制代理成本進而提升績效，顯示代理成本對於「公司治理影響績效」具有部份中介的效果。亦即，公司治理能有效降低代理成本，進而對績效有所提升，顯示降低代理問題是公司治理提升績效之重要途徑。本文在以下三方面對於「公司治理影響績效」文獻具有貢獻：(1)點出代理成本在其中扮演關鍵的中介角色；(2)支持治理機制同時存在興利與除弊的功能；(3)在相關議題上提供未來可能的研究方向。

This is the first study on the mediating effect of agency costs on the association between corporate governance and firm performance. In the LISREL setting, we first examine the direct effect of governance on firm performance and agency costs. The results indicate a positive (negative) correlation between governance and firm performance (agency costs). We further inc1ude agency costs as a mediating variable; the results show that governance is negatively correlated with agency costs at a conservative level, whereas the impact of governance on firm performance remains significantly positive. This evidence indicates that agency costs play a partial intermediary role in the relationship between governance and firm performance. Specifically, decreasing agency costs is an important way for governance to improve firm performance. This paper contributes to the literature on the association between governance and firm performance by: (1) identifying the mediating effect of agency costs, (2) highlighting both the beneficial and maladministration-mitigating roles of governance, and (3) initiating a new research aspect for related topics.